Local Incentives St. Francis County and Forrest City each administer a local economic development sales tax targeted solely toward incentives. Industries which meet the criteria will qualify for up to $1.5 million in a one-time cash grant, based on current revenue projections. Funds can be used for building or site improvement, construction, or equipment.
Additionally, St. Francis County and Forrest City have the ability to abate up to 65 percent of local property taxes for industrial projects financed with industrial revenue bonds, over the life of the bond issue (10 to 25 years)
Infrastructure Assistance St. Francis County and Forrest City participate with the State of Arkansas, the Delta Regional Authority, and the United States Department of Commerce in Community Development Block Grant and Economic Infrastructure Grants for infrastructure assistance for industrial projects. Assistance may be granted for water, sewer, highway or rail improvements, as well as site preparation. Financing Assistance
All Forrest City’s industrial sites and buildings lie within a New Market Tax Credit zone.
The state of Arkansas offers a bond guaranty program for bond financing.
The state participates in EB5 financing.
State Incentives Forrest City participates with the Arkansas Economic Development Commission in all of the incentives offered through the Consolidated Incentives Act of 2003. Incentives available include:
Advantage Arkansas, a state income tax credit based on new payroll created
Tax Back, a rebate of a majority of local and state sales and use taxes on expenditures made in the construction, renovation, or purchase of equipment related to start-up or expansion
Training funds available through assorted state workforce training programs, which can range from custom designed training offered at the local community college to on-the-job specialized training on company-owned equipment
CREATE Rebate, a discretionary incentive of five percent of payroll for new employees ($2 million annual payroll required) for up to 10 years
Governor’s Quick Action Closing Fund, discretionary cash grants which can be used for any purpose related to the project
Super-project Incentive, a discretionary incentive available only for very large projects with major economic impact that enables major up-front cash grants
Follow the link below to preview all Arkansas Economic Development Commission incentives.
Forrest City Area Chamber of Commerce 203 N. Izard Forrest City, AR 72335 870-633-1651 Phone 870-633-9500 Fax firstname.lastname@example.org
The Forrest City Area Chamber of Commerce is a voluntary organization of individuals, businesses and institutions working together to advance the commercial, industrial, agricultural and civic interests of Forrest City and St. Francis County, Arkansas.